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solution

MGT 202

– Market Research

Create a new “junk food” product for the market. It could be a new chocolate bar, type of flavored popcorn, or even a new type of beverage. You are free to choose the product.

Starting with “establishing research objectives”, plan and executive the research project.

Marking matrix is attached.

Establish Research Objectives

?Use two (2) research objectives to help market your new product. Ideas include consumer acceptance, price of product, where people would like to buy your product, or even what types of promotional tools consumers would use for this new product.

Determine Research Design

?Ensure that the marketing research project is descriptive in nature.

Identify Information Types and Sources

?Search out 3 online resources/websites to help you more fully understand your potential product to ensure you are asking the right questions in your research. Provide a link to each of these websites in your final report.

Determine Methods of Accessing Data

?Determine whether the questionnaire will be face to face interviews, telephone interviews or a format of electronic collection (i.e. email)

Design Data Collection Forms

?Create a questionnaire to answer the above research objectives. Include demographics too.

?Ensure that you have the following types of questions:

•Open ended (2)

•Closed ended (3)

•Demographic (2)

Determine Sample Plan and Size

?For the purposes of this research report complete 25 surveys as a random sample.

?Ensure to keep all surveys for analysis and submission for evaluation.

Collect Data

?Once the questionnaire has been complete, send out the surveys

?Twenty-five (25) surveys need to be complete.

As such, you might need to send out forty (40) to ensure that you get the 25 responses required.

Analyze Data

?Analyze ALL of your data. Attempt to analyze your data via software, e.g. excel.

?Utilize the data to come up with 5 conclusions about your new product.

?What are the conclusions that you have received from your information?

Final Research Report

?Prepare your findings in a final research report.

?Ensure that you insert at least 2 graphs and 2 charts (tables, matrices, etc.) as part of your final submission.

?Do you have any recommendations based on your findings?

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